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GM urges European aid as cash crisis deepens

Post Time:Mar 04,2009Classify:Industry NewsView:106

General Motors' European arm could run out of money as soon as next month, threatening the closure of at least three plants and putting up to 300,000 jobs on the continent at risk, the company warned yesterday.

Fritz Henderson, the struggling Detroit carmaker's chief operating officer, said GM would face a liquidity crunch "early in the second quarter" if emergency funds from European governments did not materialize.

"We would try to stay alive, but there's no guarantee we could stay alive," Henderson said at the Geneva motor show, according to a March 4 report in the Financial Times.

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